Telstra is selling its IT services subsidiary, Kaz, to Fujitsu for $A200 million (NZ$256 million).
The move comes five years after the Australian number one telco acquired Kaz for $A333 million.
During the years of its ownership of Kaz, Telstra has sold off parts of it, so it's not correct to say it has lost $A133 million on the deal. In fact, it has made a profit of $A80 million, according to The Australian.
In a media release announcing the move, Telstra enterprise and government group managing director David Thodey says Telstra sold Kaz because it “no longer considered ownership of an IT services business as a core part of its strategy”.
According to the release, the acquisition will make Fujitsu Australia’s third largest IT company by revenue, with a headcount of 5,000.
In New Zealand, TelstraClear acquired IT services provider Sytec in 2004, the same year Telstra bought Kaz. TelstraClear communications manager Chris Mirams says TelstraClear has no plans to sell Sytec.